Primary pace picks up; Sabic’s planned notes look flat, bid in gray

By Rebecca Melvin

New York, Oct. 2 – Four deals that had been on the calendar for the Central & Emerging Europe, Middle East and Africa region were pricing on Tuesday, including two tranches for Saudi Arabia’s Saudi Basic Industries Corp. (Sabic), a €500 million seven-year deal for the Republic of Albania and $500 million five-year notes for Qatar’s Al Khalij Commercial Bank PQSC, which priced at 99.683 with a 4¾% coupon and a spread of mid-swaps plus 175 basis points.

Bahrain’s Gulf International Bank BSC, which was also on the calendar, was still meeting investors on Tuesday regarding a dollar five-year note. Wednesday would be the earliest possible window to see that price, a syndicate source said.

The Sabic notes were thought to be flat bid on both tranches in the gray market ahead of final terms being fixed, according to a London-based trader.

The Riyadh-based manufacturer of chemicals, fertilizers, plastics and metals was pricing the five- and 10-year notes to yield Treasuries plus 115 bps and Treasuries plus 155 bps, respectively, after guiding the notes to yield Treasuries plus 125 bps and Treasuries plus 165 bps, respectively.

Pricing was tightened from initial talk in the area of Treasuries plus 140 bps and Treasuries plus 180 bps.

Doha-based Al Khalij priced tight compared to initial talk in the mid-swaps plus 195 bps area.

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